Why users prefer to use the ShibaSwap platform?
This Ethereum-based decentralized platform allows traders to swap, stake, provide liquidity, and even earn rewards on them in the form of WOOF Returns under their reward system. The three primary tokens of this platform are BONE, SHIB, and LEASH, and offer some tools that will assist the user to track their portfolio in the world of crypto.
This platform is unique in many ways, for instance, in an attractive design, good technical implementation, exclusive tokenomics, and attracting users from memes can be considered as a good marketing strategy. In this blog, we will discuss some more details of ShibaSwap.
Tokens supported by this platform
We have already discussed the primary names of the token of this exchange and now we will understand the functions of these tokens:
-
SHIB
This is the primary token and the main purpose of this token is to be used in the storage and trading of the assets.
-
LEASH
This dApp facilitates users with LEASH - a utility token for farming purposes. This token has a limited supply which ranges up to 107,647 so it is now only used as a store of value.
- BONE
This token is a reward given to the traders on the basis of their staking, liquidity, and the ShibaSwap farming. This token has a total supply of 250 million coins.
Using ShibaSwap Exchange
If you are a new user on this platform, then before you start the trading process you should have an account on one of the following wallets to gain access to ShibaSwap:
- Coinbase Wallet
- MetaMask
- WalletConnect
Confused about the wallet setting up process? Do not panic, all you have to do is to give visit on the official website of any of the above three mentioned wallets and then tap on the button of “Get Started” then follow the instructions displayed.
After you have setting up your Wallet account, store your secret recovery phrase somewhere offline or create a digital copy of the phrase. This phrase is important because, in case of data loss, you can use this phrase to get your account back up.
ShibaSwap Functioning
Given below is the full explanation of the ShibaSwap functioning process:
- WOOF
This allows the users to exchange BONE reward coins by trading them with SSLP tokens.
- Dig
The full form of Dig is Digging and it is the staking feature of this exchange. Users can deposit their digital crypto assets on the existing liquidity platform or can even create a new pool of assets.
- Bury
All the primary tokens LEASH, BONE, and SHIB can be traded on Bury if the user wants to earn a high rate of interest.
Summing it Up
The above-mentioned list of functionalities is not completed we have only discussed a few of the functionalities which were more useful. Therefore, if you want to know more about the features and functions of this then you must visit the official website of ShibaSwap. Since its launch in 2021, the platform is a huge success.
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